When high-asset couples divorce, splitting the marital property can be a complex undertaking. Before either party can take possession of their share of the assets, the marital property must be properly valuated.
One marital asset that may present problems is the country club membership. With the hefty buy-in fees, annual dues and monthly payments on the tab, the membership can be a significant asset to divide.
Country club membership rules
In most (if not all) New Jersey country clubs, one member (usually the male spouse) applies for membership in their name. Any spouses or minor children are then given associate membership status.
In the event of divorce, member spouses cannot retain the membership in their own names.
Does the other spouse have any recourse?
Certainly. While it would be pointless to fight for the membership itself, you can certainly negotiate for an equivalent asset in lieu of the club membership. What that asset might be depends on the phase of life you’ll be in post-divorce.
Empty-nester spouses might not want to fight for the family home and would prefer to trade their interest in the membership for a larger share of the 401K retirement accounts or the shore house. A spouse with young children might negotiate for full ownership of the house to avoid having the kids move from their home.
Walk away from divorce ready for the next chapter
Deciding which assets are worth fighting for should be an important part of your divorce strategy. Remember that the circumstances surrounding your divorce are unique, so approach your decisions carefully with an exit strategy in mind.